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Ukoilshort

UKOIL bounced from support, potential for a further rise! UKOIL bounced off 37.86 where it could potentially rise further to 39.98. *Disclaimer.* Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
TVC:UKOILLong
by Tickmill
Rejection of major level - bearishNew to the commodities but it's something I want to focus on more. Just sharing a very short view here: We see a clear rejection of the 30> levels on UK Oil. This is specifically visible on the daily chart, with a bearish 2-bar reversal. This level got rejected, we are in clear downtrend looking at the moving averages, and we closed below 30. Now we are hovering in high 29 area awaiting price action. We see a clear broadening falling wedge, where downside will be tested in next two weeks. Note the 30 level is also the support level of January 2016. The 30 level has been clearly broken last month, tested again, and rejected.
TVC:UKOILShort
by pptw
11